A partnership between public and private investors has resulted in a new, energy efficient affordable housing development in Princess Anne, Maryland.
The Mid-Pines Estate consists of 36 new townhomes on 6.9 acres of land acquired in a joint venture between The National Foundation for Affordable Housing Solutions, Inc. (The Foundation) and the Partnership for Income Restricted Housing Leadership (PIRHL).
The project aims to provide quality housing to area residents who earn at least 50 percent of the area's median income. By using energy efficient appliances and top-of-the-line insulation in the construction of the project, the long-term costs of homeownership will be alleviated for residents of this property.
The ribbon-cutting ceremony will take place on October 18 and feature speakers from the state's Department of Housing and Community Development, which provided financing for the project through a Rental Housing Production Program loan. Further financing came from Boston Capital Company, which made a $9.7 million Low-Income Housing Tax Credit equity investment into the project.
Severn Management Company will maintain the residences, which come with many full service ammenities, including a community room, laundry facilities and central air conditioning. Four of the environmentally friendly apartments will be fully handicap-accessible as well.
For Maryland homeowners who are not looking into a new property but would like to make their living situation more affordable, they should look into an energy audit from a home inspection contractor. This will highlight for them the ways in which they can lower their utility costs by reducing energy waste on their property.